S 102AAX repealed by No 133 of 2003, which contains the following transitional provision:
Transitional
-
sections 20, 102AAX and 391 of the
Income Tax Assessment Act 1936
and sections 103-20 and 376-60 of the
Income Tax Assessment Act 1997
78(1)
Despite the repeals of sections
20
,
102AAX
and
391
of the
Income Tax Assessment Act 1936
and sections
103-20
and
376-60
of the
Income Tax Assessment Act 1997
, those sections continue to apply, in relation to a transaction, event or thing:
(a)
that involves an amount in a foreign currency; and
(b)
to which section
960-50
of the
Income Tax Assessment Act 1997
does not apply;
as if those repeals had not happened.
78(2)
Despite the following amendments:
(a)
the amendment of section
102AAW
of the
Income Tax Assessment Act 1936
;
(b)
the amendment of section
389
of the
Income Tax Assessment Act 1936
;
sections
102AAW
and
389
of the
Income Tax Assessment Act 1936
continue to apply, in relation to the former section 20 of the
Income Tax Assessment Act 1936
, as if those amendments had not been made.
S 102AAX formerly read:
INCOME AND EXPENSES TO BE EXPRESSED IN AUSTRALIAN CURRENCY
102AAX(1)
For the purpose of applying this Act in calculating the attributable income of a trust estate of a year of income, any amount (in this section called an
eligible amount
) of income wherever derived or of expenditure wherever incurred is to be expressed in Australian currency.
102AAX(2)
Where, according to the accounts of the trust estate that are used to calculate the attributable income of the trust estate of the year of income, some or all of the eligible amounts of the trust estate are not expressed in Australian currency, then any such eligible amount is to be converted:
(a)
if there is a single or predominant foreign currency in which the eligible amounts of the trust estate are expressed in the accounts and paragraph (b) does not apply:
(i)
where the eligible amount is expressed in that currency
-
to Australian currency at a rate equal to:
(A)
if sub-subparagraph (B) does not apply
-
the average of the exchange rates applicable from time to time during the year of income; or
(B)
if the trustee of the trust estate elects in accordance with subsection (3)
-
the exchange rate applicable on the last day of the year of income; or
(ii)
in any other case
-
first to the single or predominant currency using any reasonable method and then to Australian currency in accordance with whichever of sub-subparagraph (i)(A) or (B) applies; or
(b)
if the eligible amount is an amount of foreign tax paid by the trustee of the trust estate:
(i)
if the foreign tax was paid by deduction from another amount
-
to Australian currency, or to another currency and then to Australian currency, according to the method applicable under paragraph (a) or (c) for the conversion of the amount from which it was deducted; or
(ii)
in any other case
-
to Australian currency at the rate of exchange applicable at the time when the foreign tax was paid; or
(c)
if neither paragraph (a) or (b) applies
-
to Australian currency using any reasonable method.
102AAX(3)
The trustee of the trust estate may elect that sub-subparagraph (2)(a)(i)(B) is to apply in relation to the trust estate.
102AAX(4)
An election under subsection (3) must be made before the end of the period of 30 days after the end of the year of income concerned, or within such further period as the Commissioner allows.
History
S 102AAX(4) amended by No 101 of 1992.
102AAX(5)
Where the trustee of the trust estate does so, that sub-subparagraph applies instead of sub-subparagraph (2)(a)(i)(A) in calculating the attributable income of the trust estate for the year of income and for all subsequent years of income.
S 102AAX inserted by No 5 of 1991.
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